Canadian online gambling operator Intertain Group has appointed former Sportingbet boss Andrew McIver as its new chief executive.
In February, erstwhile Intertain CEO John Kennedy Fitzgerald announced he would be stepping down following a highly critical independent review of the company’s management incentive plan.
On Tuesday, Intertain announced that McIver (pictured near right) would be taking over as CEO and a director of the company’s board, effective immediately. Intertain also appointed former Gala Coral exec Neil Goulden (pictured far right) as board chairman.
Fitzgerald is walking away with a golden handshake of C$10.5m (US $8m), the last of several major paydays Fitzgerald ‘earned’ during his time at Intertain’s helm.
That aforementioned critical review was sparked after shareholders revolted over the size of the bonuses Fitzgerald and CFO Keith Laslop were claiming — $17m in 2015 alone – for negotiating Intertain’s numerous acquisitions over the past two years, a task that at other companies might simply be considered doing the job for which they were being paid, but such is the life when you’re doling out other people’s money.
McIver is also no stranger to outsized golden parachutes. His most recent industry role was as CEO of Sportingbet, prior to that company’s 2013 acquisition by GVC Holdings. In addition to bonuses and pension payouts, McIver’s Sportingbet exit included an additional two years of his salary, twice the sum recommended under the UK corporate governance code.
INTERTAIN EYES UK MOVE
Intertain also offered an update on its previously announced intention to shift its corporate HQ from Toronto to Europe. Tuesday’s announcement claimed that the UK was “the natural home” for Intertain’s new public listing, given that the UK is the main source of customers for Intertain’s online bingo brands.
Intertain also claimed that the UK would be a good fit given its large “analyst and investor base with extensive sector knowledge.” Frankly, given the concerns over Intertain’s post-acquisition debt load, one would think the company wouldn’t welcome such expert scrutiny. Time will tell.
